8-KLeadership ChangesExhibits & Filings

PEPSICO INC 8-K Report, Executive Changes (Jun 27, 2006)

Filed June 27, 2006For Securities:PEP

Summary

This Form 8-K filing from PepsiCo, Inc. (PEP) dated June 27, 2006, primarily announces significant leadership changes within its Frito-Lay North America (FLNA) division. The most impactful information for investors is the appointment of Albert (Al) P. Carey as the new President and Chief Executive Officer of FLNA, effective June 26, 2006. Mr. Carey is a seasoned executive with extensive experience within PepsiCo, including nearly two decades at FLNA, suggesting a continuity of leadership and operational understanding for this crucial segment. Concurrently, the filing discloses the resignation of Irene Rosenfeld as Chairman and Chief Executive Officer of FLNA, effective June 23, 2006. This transition marks a notable change in leadership for a major revenue-generating division, and investors will be keen to observe the strategic direction under Mr. Carey's leadership and the reasons behind Ms. Rosenfeld's departure. The press release detailing these changes is incorporated by reference.

Key Highlights

  • 1Albert (Al) P. Carey appointed President and CEO of Frito-Lay North America (FLNA) effective June 26, 2006.
  • 2Mr. Carey has a long tenure at PepsiCo (25 years) with significant experience in FLNA (nearly 20 years).
  • 3Irene Rosenfeld resigned as Chairman and CEO of FLNA effective June 23, 2006.
  • 4The appointment of Mr. Carey signals a leadership transition within a key division of PepsiCo.
  • 5The filing incorporates a press release dated June 26, 2006, by reference for further details.
  • 6This report is filed under Item 5.02 (Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers).

Frequently Asked Questions

Albert (Al) P. Carey has been appointed as the new President and Chief Executive Officer of Frito-Lay North America (FLNA), effective June 26, 2006.

Al Carey is a 25-year veteran of PepsiCo and has spent nearly 20 years in various roles within the Frito-Lay North America division. He previously served as President, PepsiCo Sales since February 2003 and held other leadership positions in PepsiCo Beverages & Foods North America and Sales and Retailer Strategies.

Irene Rosenfeld has resigned as Chairman and Chief Executive Officer of Frito-Lay North America (FLNA), effective June 23, 2006.

These changes represent a significant leadership transition within a major division of PepsiCo. Investors will be looking for continuity and strategic direction under the new leadership of Al Carey, who has extensive experience within FLNA, and will be interested in any implications for the division's performance and strategy following Irene Rosenfeld's departure.